Accounting 1A Chapter 6 - Inventories Inventory Calculations Practice Problems 1 The company uses the perpetual inventory system. Inventory Costing Methods - Perpetual Inventory System Date Units Unit Cost 7/1/2021 Beginning Inventory 0 7/5/2021 Purchase 5,000 units at $100 7/15/2021 Sale 1 500 7/20/2021 Purchase 400 units at $105 7/23/2021 Sale 2 1,000 7/25/2021 Purchase 800 units at $110 7/30/2021 Sale 3 1,200 Total Cost of Merchandise Purchased During the Month Total Number of Units Available During the Month Total Units Sold During the Month Total Units in Ending Inventory at July 31 Cost of Goods Sold for the Month Under FIFO Cost of Ending Inventory under FIFO Cost of Goods Sold for the Month Under LIFO Cost of Ending Inventory Under LIFO Accounting 1A Chapter 6 - Inventories Inventory Calculations Practice Problems 1 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Costing Methods - Periodic Inventory System Units Unit Cost Beginning 0 Inventory Purchase 220 units at $50 Purchase 80 $48 Purchase 100 units at $47 Total Sales for the 320 month units at Total Cost of Merchandise Purchased During the Month Total Number of Units Available During the Month Total Units Sold During the Month Total Units in Ending Inventory Cost of Goods Sold Under FIFO Cost of Ending Inventory Under FIFO Cost of Goods Sold Under UFO Cost of Ending Inventory Under LIFO Cost of Goods sold Under Average Cost (Weighted Average) Cost of Ending Inventory Under Under Average Cost (Weighted Average)